Corporation Bank net rises 52% to Rs 291 cr

Public sector Corporation Bank has posted 52.29 per cent increased in its net profit to Rs 291.67 crore for the second quarter ended September 30, 2009 as compared with the corresponding quarter in the previous fiscal.

The Mangalore-headquartered bank said its total income went up by 27.67 per cent to Rs 2072.34 crore for the quarter ended September 30, 2009 when compared with the same quarter a year ago. The Bank has achieved a revenue of Rs 1623.13 crore for the quarter ended September 30, 2008.

Interest earned for the quarter stood at Rs 1,769.54 crore, a growth of 22.14 per cent over the corresponding quarter in the previous fiscal. The bank reported earnings of Rs 20.33 a share during the quarter, thus registering 52.28 per cent growth over corresponding period in the previous fiscal.

Pending the outcome of the ongoing negotiation at industry level, the bank has made an adhoc provision of Rs 53 crore during the half year ended 30th September, 2009 towards wage revision.